perps is coming.

This is not an abbreviation for “criminal.” What’s being referred to here are perpetual futures ( perpetual futures ), a type of trading method related to cryptocurrencies that was once little known and may soon expand to more markets.

Sustainable futures have recently appeared frequently in the public eye. Similar to "tokenization," perps is regarded as a structural engine that supports round-the-clock trading, and regulatory authorities as well as financial professionals have also been advocating for this direction recently.

For a long time, supporters of encryption have been advocating for this model, but now there is also an increasing call to introduce sustainable futures into other markets, including indices, individual stocks, and commodities.

Kresus, a blockchain infrastructure company,'s strategic integration leader, Jordan Knecht, stated: "The bigger question is not whether sustainable futures will enter the traditional asset market, but what will happen next."

What is perpetual futures?

Sustainable futures are a type of derivative contract that allows investors to bet on the price movement of an asset without directly holding it. Unlike regular futures contracts, perps does not have an expiration date; investors can hold it as long as they meet the margin requirements set by the brokerage firm.

This type of contract was launched in 2016 by the offshore trading platform BitMEX and was initially designed to allow traders to speculate on Bitcoin.

Bakkt, the Global Market Director, Mark Hiriart said: "It doesn't need to roll from one contract month to the next; instead, it maintains price consistency with the underlying market through regular funding rate payments between buyers and sellers. This simplicity is what makes it very popular."

Although BitMEX has since been closed, interest in perpetual futures in the market continues to grow. In May, the 24/7 trading platform Trade [ XYZ ] obtained an exclusive license from S&P Dow Jones Indices (S&P P Dow Jones Indices ) to offer perpetual contract trading tracking the S&P 500 index on the exchange headquartered in Singapore, Hyperliquid .

Coinbase launched "sustainable style futures" in July 2025, and Robinhood also introduced a similar feature in September. The forecasting platform Kalshi also provides perps trading for certain assets.

perps The business has been rapidly expanding overseas, and Hyperliquid holds a dominant position. Due to market expectations that perps will expand into more markets, the price of the platform's native cryptocurrency has tripled by 2026.

In August, U.S. President Donald Trump surprisingly mentioned that the Commodity Futures Trading Commission (CFTC) might introduce Hyperliquid to the U.S. market. This move could significantly expand the range of tools available to traders within the United States and increase the list of tradable perps assets, such as individual stocks and other commodities.

Who are these products suitable for?

Hiriart and Knecht both indicate that for event-driven macro traders, perps represents an opportunity to take advantage of sudden news, and such messages often appear unexpectedly outside of normal trading hours.

Hiriart pointed out: "During the conflict in Iran, the trading volume of perpetual contracts based on crude oil on Hyperliquid surged, as people wished to express their views on oil prices when the traditional markets were closed on weekends. This is a clear signal: there is a demand for 24/7 access to macro assets, and the market structure built around weekday trading hours does not always meet this need."

He also emphasized that as a market where price discovery takes place, the importance of sustainable futures cannot be ignored.

"When a major geopolitical event triggers its first reaction in an still-open trading venue while other markets have already closed, it affects everyone, including those who only hold the underlying assets," he said.

What is risk?

However, despite the obvious benefits such products may offer to experienced traders, some market participants still advise caution.

The CEO of the blockchain-based private lending platform Cap, Benjamin Sarquis Peillard, emphasized that, like any tradable asset, the trading mechanism of perps that attracts investors also comes with its own risks.

He said, "Approving Bitcoin perps is very different from launching similar contracts for crude oil, gold, or stocks. Each market has its own dynamics of liquidity, and the consequences of excessive leverage can far exceed those of the traders holding these positions."

Hiriart indicates: "These are all leveraged tools that are not suitable for everyone, therefore they need to be handled properly. For most investors, the more important insight is not the product itself, but the direction of the trend: the market is moving towards 24/7 trading, and institutional-level rules and infrastructure are also continuing to enter the digital assets sector."